Wealth Management Steps Outcome in Your 30s by Mitraz Financial


Hello Friends Greetings from Mitraz. Hope you are having a good day. In my previous video, I talked about what
“Wealth” means and the four steps to manage it. The outcome of these steps depends upon your
age and the stage of life you are in. In today’s video, I will talk about what
the result of the Wealth Management steps would look like if you are in your 30s. If you wish to recount the four steps in Wealth
Management, you may view the video “Wealth – What is its meaning and steps to manage
it?” available on our youtube channel. Don’t forget to subscribe to our channel
to get regular updates and notifications on the latest investment insights. So in the 30s, you have been in a job for
some time and have defined your career objectives. You may have recently started a family so
the need for financial protection is high. There is some clarity on long-term goals. So if you are in your 30s, what is valuable
to you is short term goals like buying a house and starting investments for long-term goals
that are still in the identification stage. You know how much wealth is required based
on short-term goals like the desired house. There is some working available of wealth
required, based on assumptions about the long-term goals, therefore, you can do the following
to put together your wealth management plan. First – Create a financial plan with cash
flows as per the current understanding of the long-term goals. Second – Create a long-term portfolio with
a mix of various asset classes for diversification and tax savings. You should assess your risk-taking ability
but usually, it is Moderately Aggressive to Moderate at this stage of your life. So, you can be overweight on Equity and invest
in Direct Stocks also. Third – Save a part of your salary, typically
30% of your take-home, by putting in a Systematic Investment Plan (SIP). Fourth – Determine the life-cover insurance
amount and take a term plan. Fifth – Though you may have a health insurance
plan from your employer, you should take additional health insurance. The implementation of the above can be done
working with financial planners and investment advisers. Do-it-yourself is possible but requires knowledge,
time commitment, and discipline. The plan should be reviewed at least once
a year and the portfolio should be reviewed three to four times a year. If you follow the recommended five steps of
planning, you will set the wheels in motion for wealth creation. Since you have time to build your corpus,
the compounding law will work in your favour. So, if you are in your 30s, don’t wait to
create wealth and act now! This is Anup Bansal from Mitraz Financial. Helping Clients Realize Their Aspirations!

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